Tag: Reserve Bank of Australia

ATM fees abolition a smoke screen?

If you were feeling all warm and fuzzy about the Big Four banks deciding to drop the hated ‘foreign’ ATM fees, sorry, the feeling won’t last. For a start, the Commonwealth Bank’s decision to go first didn’t last long. The CBA announced the fee abolition early on Sunday (aiming for a slow news day lead). But within hours, Westpac, the ANZ and National Bank of Australia had all suddenly (on a Sunday) released statements that…

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No interest at all

Though the headline might put you off, we must ask: why are interest rates dropping, who does it affect and where will it all end? Few people would be unaware that the Reserve Bank of Australia (RBA) dropped the official cash rate to 1.50% on August 2, the lowest rate since records have been kept. The supposed reason is to stimulate the economy (that is, to encourage spending and borrowing). It is theoretically OK to…

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